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[ANALYSIS] Capital One Vibe MasterCard

UPDATE- Here is a list of the top student credit cards.

Another new year, another new semester for students. It can be stressful being a student at this time of the year. Waiting for exam results, applying for jobs in time for the summer, dreading going back to school after a restful holiday, etc. Having a solid credit card can alleviate some of the stress.

My top choice is the BMO SPC Cashback MasterCard that we previously wrote about here. Previously there was a $10 sign up bonus that ended on October 31, 2013, but if you’re not in a hurry to get this credit card, you can consider waiting for the next promotion.

Otherwise, there is another credit card that I would like to focus on, the Capital One Vibe MasterCard. The highlights are very straightforward:

  • No annual fee
  • Earn 1% cash back for every $1 spent on all purchases
  • Approval is based on your credit history, otherwise security funds may be required

The no annual fee and 1% cash are an amazing deal, that is in line with many other non-student, no annual fee credit cards, that you can read about here.

If your credit score is insufficient to get approved for this credit card, then you have the option of providing a collateral (security fund) to Capital One to get approved. The collateral can be as low as $75 (apparently as high as $300) and are fully refunded when you close the account (assuming you have no balance left on your credit card when you close the account). The collateral is essentially giving Capital One an insurance, in case you cannot pay off your balance in the future, they will use the money in the security fund to pay off your balance. That way, the risk to the credit card company is lowered because you are providing them with this security.

This credit card is good for students looking to build some credit history and to get a decent (1%) return on their purchases. What you can do is have this credit card for a certain period of time until you built enough credit history and higher credit score to qualify for a better credit card.

I know I previously gave Capital One a hard time, but this is definitely a hidden gem and worth considering.

Message to Capital One: I am happy with this credit card, just don’t do any devaluations, always look to improve your products. You have a chance to really take a bigger market share with your products.

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